Tata Motors gains post December JLR global sales

The stock moved higher by 1% to Rs 505, bouncing back 3% from intra-day low on the NSE

Tata Motors gained 1% to Rs 505, bouncing back 3% from intra-day low on the National Stock Exchange (NSE), after the company said Jaguar Land Rover (JLR) reported 12% rise in total retail sales of 55,375 vehicles in December 2016 over the previous year.

JLR, the UK’s leading manufacturer of premium luxury vehicles has achieved its best ever December sales performance in 2016, primarily driven by the ongoing success of the Jaguar F-PACE, Land Rover Discovery Sport and the Range Rover Sport as well as strong demand for the long wheel base Jaguar XFL in China, Tata Motors said in a release.

JLR’s total retail sales for the full 2016 calendar year also reached record levels with sales of 583,312 units, up 20% compared to 2015.

JLR’s global retail sales performance for December shows strong growth in China (up 36%), North America (up 30%) and Europe (up 8%) but softer sales in the UK (down3%) and in the other overseas market (down 16%), it added.

The stock of Tata Motors has rallied 17% from its recent low of Rs 433 touched on December 2, 2016, as compared to 2% rise in the Nifty 50.

At 11.35 am; it was up trading at Rs 504 after hitting low of Rs 492 on the NSE in intra-day trade. A combined 2.33 million shares changed hands on the counter on the BSE and NSE so far.